Core Viewpoint - The discussions regarding Baidu's potential sale of iQiYi are deemed unnecessary given the recent technological collaboration established between Baidu and iQiYi in the field of AI [1] Group 1 - Baidu has officially initiated a technological collaboration with iQiYi, focusing on artificial intelligence [1]

Core Viewpoint - iQIYI, Inc. reported mixed Q3 results, prompting a detailed analysis of the numbers and future outlook for the company [1]. Financial Performance - The Q3 results were characterized by a combination of positive and negative indicators, suggesting a complex financial landscape for iQIYI [1]. Investment Perspective - The analysis indicates a long-term investment horizon of 5-10 years, emphasizing a portfolio strategy that includes a mix of growth, value, and dividend-paying stocks, with a particular focus on value [1].

爱奇艺（IQ.O）发布 24Q3 业绩 Q3 会员业务受内容影响承压，关注微短剧进展 2024 年 11 月 25 日 ➢ 事件：2024 年 11 月 21 日，公司发布 24Q3 业绩，24Q3 收入 72.5 亿 元，yoy-10%；营业利润 2.4 亿元，Non-GAAP 营业利润 3.7 亿元；归母净 利润 2.3 亿元，Non-GAAP 归母净利润 4.8 亿元。 ➢ 24Q3 会员收入受内容影响，品牌广告表现拖累广告收入。24Q3，分业 务收入来看：1）会员服务收入 44 亿元，yoy-13%，主要受内容表现影响。此 外，爱奇艺创新增值服务继续获用户认可，Q3 推出了 13 场加更礼，现金购 买金额环比增长超 40%。2）在线广告收入 13 亿元，yoy-20%，主要系品牌 广告下降，部分被效果广告增长抵消。3）内容分销收入 8.1 亿元，yoy+52%。 4）其他收入 7.3 亿元，yoy-8%。 ➢ 24Q3 成本费用支出审慎，整体盈利略好于指引。成本端，24Q3 公司营 业成本 56 亿元，yoy-3%，其中内容成本 40 亿元，yoy-5%，主要系电影减 少。费用端，销售及管理费用 9. ...

Investment Rating - The report assigns a "Buy" rating to iQIYI (IQ) with a target price of $3.30 per ADS, compared to the current price of $2.02 [5] Core Views - iQIYI reported 24Q3 revenue of RMB 7.246 billion, down 10% YoY and 3% QoQ, slightly above Bloomberg consensus of RMB 7.242 billion [4] - Non-GAAP net profit was RMB 480 million, down 23% YoY but up 94% QoQ, significantly exceeding Bloomberg consensus of RMB 266 million [4] - GAAP net profit attributable to shareholders was RMB 230 million, down 52% YoY but up 235% QoQ, beating consensus of RMB 202 million [4] - Gross profit declined 27% YoY to RMB 1.596 billion, with gross margin at 22%, down 5 percentage points YoY [4] - Content costs were RMB 4 billion, accounting for 50% of revenue, down 5% YoY and 2% QoQ [4] Business Segment Performance - Membership revenue was RMB 4.366 billion, down 13% YoY and 3% QoQ, slightly above consensus of RMB 4.335 billion [4] - Advertising revenue was RMB 1.337 billion, down 20% YoY and 9% QoQ, slightly below consensus of RMB 1.344 billion [4] - Content distribution revenue grew 55% YoY to RMB 814 million [4] - Other revenue was RMB 729 million, down 9% YoY and 7% QoQ [4] Strategic Upgrades - Optimizing long-form drama production mechanisms to improve flexibility and ROI [4] - Expanding short-form drama offerings, with a focus on the iQIYI Lite app [4] - Launching family sharing accounts to enhance membership services [4] Financial Projections - 2024 revenue forecast adjusted to RMB 29.2 billion, down 8% YoY [8] - 2025 revenue expected to grow 5% YoY to RMB 30.6 billion [8] - 2024 Non-GAAP net profit projected at RMB 1.765 billion [8] - 2025 Non-GAAP net profit expected to reach RMB 2.901 billion [8] Valuation - Based on 13x PE multiple on 2024 adjusted net profit, target price set at $3.30 per ADS [8]

交银国际研究 财务模型更新 展望：基于 10-11 月内容播放表现，我们预计 4 季度会员收入继续承压， 同/环比-13%/-5%。广告收入或受电商大促、手机/医药行业投放旺季带动 环比小幅增长。考虑较少的内容置换，预计内容发行收入同比降 20%。我 们预计微短剧内容增加有望丰富供给、提升对用户吸引及留存。但在短剧 内容同质化背景下，行业竞争激烈，预计长期内容质量及内容创新仍是决 胜点。我们建议关注微短剧投入、用户运营数据及商业化进展。 股份资料 52周高位 (美元) 5.79 52周低位 (美元) 1.96 市值 (百万美元) 1,060.94 日均成交量 (百万) 40.40 年初至今变化 (%) (58.61) 200天平均价 (美元) 3.21 资料来源: FactSet 盈利预测变动 收盘价 目标价 潜在涨幅 美元 2.02 美元 2.90↓ +43.6% 互联网 2024 年 11 月 22 日 爱奇艺 (IQ US) 会员持续承压，关注微短剧投入及商业化进展 我们下调爱奇艺 （IQ US） 的 2024/25 年收入及盈利预测，考虑剧集表现仍有 不确定性，短期会员压力持续。基于 10 倍 202 ...

iQIYI, Inc. (NASDAQ:IQ) Q3 2024 Earnings Conference Call November 21, 2024 6:30 AM ET Company Participants Chang You - Investor Relations Director Yu Gong - Founder, Chief Executive Officer and Director Jun Wang - Chief Financial Officer Youqiao Duan - Senior Vice President, Membership Business Xiaohui Wang - Chief Content Officer Conference Call Participants Xueqing Zhang - CICC Lei Zhang - Bank of America Maggie Ye - CLSA Operator Thank you for standing by and welcome to the iQIYI Third Quarter 2024 Earni ...

22 Nov 2024 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Short-term headwind continues; strategic upgrades to drive long-term growth iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains. Looking ahead in 4Q24E, w ...

22 Nov 2024 CMB 国际全球市场 | 股票研究 | 公司更新 爱奇艺 (IQ US) 短期逆风持续 ； 战略升级推动长期增长 爱奇艺报告了2024年第三季度财务结果：总收入同比下降10%，达到人民币72亿 元，符合彭博一致预期和我们的估计；非GAAP净收入下降23%，至人民币4.8亿 元，超出彭博一致预期和我们的估计（人民币2.66亿/4.26亿），主要得益于更好 的运营费用控制和外汇收益。展望2024年第四季度，我们预计总收入将同比下降 14%，环比下降8%，主要由于内容供应减少和消费情绪疲软。不过，我们预计2 024年第四季度非GAAP营业利润环比大致持平，为人民币3.68亿元，得益于爱奇 艺谨慎的成本和运营费用控制。该公司将增加迷你剧的投资，同时削减低回报率 内容的投资，我们预计这将帮助爱奇艺抓住新的增长机会并长期提高利润率。我 们将2024年至2026年的总收入预测下调3-4%，以反映相对疲弱的内容表现和宏 观经济不确定性。我们将目标价调整至4.50美元，基于2025年非GAAP每股收益 的15倍市盈率（之前基于15倍2025年非GAAP每股收益的目标价为4.80美元）。 维持买入评级。 ...

"In the third quarter of 2024, we topped the industry in the drama series market share, according to Enlightent data," commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "We have recently elevated our entertainment offerings and services with strategic enhancements, integrating sought-after mini and short dramas to complement our extensive long-form content portfolio. We have also introduced a family account option within our membership programs. We believe these improvements wi ...

iQIYI Announces Third Quarter 2024 Financial Results BEIJING, CHINA, November 21, 2024 – iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights ● Total revenues were RMB7.2 billion (US$1.0 billion1), decreasing 10% year over year. ● Operating income was RMB238.9 million (US$34.0 million) and operating income margin was ...